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The Importance of Data Analytics

Before data can be used to tell a story, it must be run through a process that makes it usable in the story. Data analysis is the process of identifying, cleaning, transforming, and modeling data to discover meaningful and useful information. The data is then crafted into a story through reports for analysis to support the critical decision-making process.

As the world becomes more data-driven, storytelling through data analysis is becoming a vital component and aspect of large and small businesses. It is the reason that organizations continue to hire data analysts.

Data-driven businesses make decisions based on the story that their data tells, and in today’s data-driven world, data is not being used to its full potential, a challenge that most businesses face. Data analysis is, and should be, a critical aspect of all organizations to help determine the impact to their business, including evaluating customer sentiment, performing market and product research, and identifying trends or other data insights.

While the process of data analysis focuses on the tasks of cleaning, modeling, and visualizing data, the concept of data analysis and its importance to business should not be understated. To analyze data, core components of analytics are divided into the following categories:

  • Descriptive
  • Diagnostic
  • Predictive
  • Prescriptive
  • Cognitive


Blog Post by Munshi Muntasir Islam